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Bitcoin Currently Consolidating After Dropping Towards $7,700, But a Strong Bounce May Be Imminent

Bitcoin and the entire crypto markets have faced increased selling pressure today after experiencing a short bout of sideways trading as BTC struggled to decisively move into the $8,000 region.


Although today’s drop has slightly shifted the overall market sentiment for the worse, analysts are now noting that Bitcoin may be nearing a price at which it garners significant buying pressure that allows it to surge higher.


Bitcoin Nears $7,700 as Selling Pressure Ramps Up


At the time of writing, Bitcoin is trading down nearly 2% at its current price of $7,750, down from 24-hour highs of $7,900.


Importantly, Bitcoin did bounce slightly today once it hit lows of $7,500, signaling that this price level is a region of support. Despite this, the bounce that resulted from the drop to $7,500 has been somewhat weak, which may signal that BTC will revisit this price level in the near-future.


Despite this, Josh Rager, a popular cryptocurrency trader on Twitter, explained that Bitcoin is still caught within a condensing formation, which likely signals that it will continue trading relatively sideways for the foreseeable future until it makes another massive movement.


“$BTC still in this condensing formation and held by horizontal supports. Not a lot has changed which shows that you don’t have to stare at charts all day – waiting for that next massive candle. I’m out for the night – have a great evening/day,” Rager explained.



$BTC still in this condensing formation and held by horizontal supports


Not a lot has changed which shows that you don't have to stare at charts all day – waiting for that next massive candle


I'm out for the night – have a great evening/day pic.twitter.com/Y3i8DndpgB


— Josh Rager 
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